The three cases were referred to the Upper Tribunal on 12 October, although no date has been set for their hearing.

Arch Financial Products said: ‘We fundamentally disagree with the FSA’s approach in this matter and this is why the cases have been referred to the Upper Tribunal.’

The FSA declined to comment.

The cases follow the three other legal battles Arch faces in relation to its involvement in the Arch Cru funds.

In January Arch was hit with a potential £150 million bill at the start of the year when SPL, the directors of the cell companies that make up the Arch Cru funds decided to sue the company over alleged gross negligence in its role as investment manager.

In April Farrell received a £26 million legal claim from SPL for allegedly 'dishonestly assisting' Arch to be in breach of its fiduciary duties.

In July, Addison as a former director of the Arch Cru cells alongside other former directors Peter Radford and Neal Meader and former administrators Bordeaux Services faced a £160 million law suit as SPL submitted its most recent claim in relation to the Arch Cru collapse.

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